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Titan VCT portfolio company story: Vitesse

Vitesse provides a single connection to a global network of domestic clearing systems.

What is Vitesse?

In the world of cross-border payments, Vitesse’s Fintech investment team saw how ineffective and outdated the global settlement process remains. Despite an abundance of innovation in this area, there are still large pockets of inefficiencies across multiple parties – making it a slow process. Vitesse provides a single connection to a global network of domestic clearing systems, and multiple payment methods, meaning payments are delivered as quickly as possible, when they are needed most. The business is focused on the insurance market where over USD 4 trillion in claims are paid out annually and needs claims payment transformation.

Why we like them

Vitesse was founded back in 2014 by payment veterans Paul Townsend and Phil McGriskin. The pair originally co-founded payments company Envoy, which was acquired by WorldPay, where both Paul and Phil joined in c-suite positions. Their latest venture, Vitesse, is a multi award-winning business, having processed £9.5 billion in settled payments and become the trusted treasury and payments provider across the global insurance market. Putting the claimant at the heart of the claims journey is fundamental to Vitesse so they are always focusing on expanding payment routes and building innovative alternative payment methods, empowering claimants to choose how they get paid, at a time when they are most in need. Recently Vitesse won a strategic deal with Lloyd’s of London in 2022 to reshape how claims funds are managed and paid – reducing funding and payment to be completed in as fast as 45 seconds – and are working with many of the world’s largest carriers, brokers and other service providers.

Key risks to remember

Please remember that the value of an investment in Octopus Titan VCT, and any income from it, can fall as well as rise. Investors may not get back the full amount they invest.

Tax treatment depends on individual circumstances end may change in the future. Tax reliefs depend on the VCT maintaining its qualifying status.

VCT shares could fall or rise in value more than other shares listed on the main market of the London Stock Exchange. They may also be harder to sell.

Investors should only subscribe for shares on the basis of information contained in the prospectus and Key Information Document (KID), available on the Titan VCT product page. Company examples are for illustrative purposes only and should not be considered an investment recommendation.

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